Member News — NAI James E. Hanson Negotiates Sale of Former Bank Building in Florham Park
September 10th, 2018
NAI James E. Hanson has negotiated the sale of a 3,950-square-foot retail building at 77 Hanover Road in Florham Park, N.J. NAI James E. Hanson’s Joan Cenicola and John Schilp represented the seller, DFK Associates, in the transaction.
Previously a Chase Bank branch, 77 Hanover Road is a freestanding retail building on one acre of land with 28 parking spaces. NAI Hanson’s brokerage team recognized that the building’s open floor plan and ideal location between Routes 10 and 510 made it suitable for a wide range of retail uses beyond banking. These features were highly appealing to the buyer, a Florham Park-based Jiu Jitsu and Karate school, who wanted to relocate from a space they were renting in Florham Park.
“Although 77 Hanover was originally constructed with banking in mind, we recognized that this well-located building could suit a wide variety of retail uses and was a unique building in this market,” said Cenicola. “Our experience in Morris County with similar buildings enabled our team to properly market the building to a broader array of prospective users to help increase demand. For retail owners hoping to sell their assets, this sale showcases the advantages of highlighting a space’s adaptive reuse potential in securing a fair market value.”